If Total Assets Increased by $500,000 During a Period and Total

question 21

Multiple Choice

If total assets increased by $500,000 during a period and total liabilities increased by $420,000 during the same period, determine the net income (or loss) for the year , assuming no common stock was issued and dividends of $40,000 were paid.​

• A) $40,000
• B) $210,000
• C) $120,000
• D) $290,000

Differentiate between the effective use of transitions, topic sentences, and their role in enhancing readability.

Delineate the process of writing feasibility and yardstick reports with an emphasis on beginning strategies and recommendations.

Recognize the importance of reader-centric document design, including the use of effective headings, white space, and organizational patterns.

Evaluate alternatives within reports employing logical frameworks such as comparison, contrast, and elimination.

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Definitions:

360-Day Year

A simplified method for calculating interest based on a year of 360 days instead of the actual 365 or 366 days.

Promissory Note

A financial document in which one party promises to pay another party a specified sum of money at a specified date or on demand.

Maturity Date

The exact date on which a financial instrument, such as a note payable or bond, must be repaid in full.

94-Day Note

Describes a short-term debt instrument with a maturity of 94 days, often used for temporary financing needs.